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| The group of customers that include manufacturers, wholesalers, retailers, and other organizations. In comparison to B2C, are characterized as a relatively small # of players, yet a huge $$ amount. |
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| Business purchases are classified as being one of three types. The three classifications are based on the degree of time and effort required to make a decision. (straight re-buy, modified re-buy, new task buy). |
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| The group of people in an organization who participate in a purchase decision. |
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| Demand for business or organizational products (tires) caused by demand for consumer goods of services (autos). |
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| Inter-Organizational system (IOS) |
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| A private, corporate computer network that links company departments, employees, and databases to suppliers, customers, and others outside the organization. |
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| The federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations. |
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| (unaffected by price). A company hopes the demand for their product’s (tires) is relatively inelastic (demand is impervious -uneffected by price changes). |
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| a kind of demand that occurs when the demand for two or more products (or services) are interdependent, normally because they are used together. |
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| A previously made purchase that involves some change and that requires limited decision making to deal with the changes is called a ... |
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| The business practice of buying a particular product from several different suppliers. Doing this can keep the price down as companies compete for your business. |
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| A new business-to-business purchase that is complex or risky and that requires extensive decision making. This occurs when you have no experience buying the product or service. |
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| The business buying process of obtaining outside vendors to provide goods of services that otherwise might be supplied in-house. |
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| E-commerce systems that link an invited group of suppliers and partners over the web. These are industry groups organized around the production of certain goods |
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| Product specifications (specs) |
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Definition
| A written description of the quality, size, weight, and so forth required of a product purchase. When creating an RFP, a business defines the specs they need the requested products/services to meet. The more detailed the specs, the higher the product/service quality will be. |
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| A trading partnership in which two firms agree to buy from one another. |
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| Request for Proposal (RFP) |
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| a company asks suppliers to place bids (proposals) on a job. Proposals are needed as the job specs are unique. |
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| a company asks suppliers to provide quotes (prices) for off-the-shelf needed products |
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| The individuals or organizations that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and to maintain their business operations. Could be a value-added reseller, where a company customizes or modifies a product for their customers, or just a retailer. |
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| The business practices of buying a particular product from only one supplier. This is pretty risky. |
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| A buying situation in which business buyers make routine purchases that require minimal decision making. re-buy the same product from a pre-approved vendor. |
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| A marketing heuristic that claims that 20% of purchasers account for 80% of a product’s sales. |
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| The segment of people born between 1946 and 1964. |
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| A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service. |
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| A distinctive image that captures a good’s or service’s character and benefits. |
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| Concentration targeting strategy |
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Definition
| Focusing a firm’s efforts on offering one ore more products to a single segment. |
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| Custom Marketing strategy |
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Definition
| An approach that tailors specific products and the messages about them to individual customers. |
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| Customer relationship management |
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Definition
| A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. Involves systematically tracking consumers’ preferences and behaviors over time in order to tailor the value of proposition as closely as possible to each individual’s unique wants and needs. |
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| Statistics that measure observably aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. |
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| Differentiated targeting strategy |
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Definition
| Developing one or more products for each of several distinct customer groups and making sure these offerings are kept separate in the marketplace. |
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| Marketing to members of a generation, who tend to share the same outlook and priorities. |
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| Customizing advertising (Web, print ads, Radio ads, TV ads, etc.) so that people who live or log on in different places will be exposed to advertising for local businesses. |
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| A segmentation technique that combines geography with demographics. You map demographic consumer segments to neighborhoods/regions. |
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| Lifetime value of a customer |
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| an estimation of the potential profit that one consumer may provide over their lifetime. |
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| The creation of many consumer groups (segments) due to a diversity of distinct needs and wants in modern society |
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| An approach that modifies a basic good or service to meet the needs of an individual. |
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| A vivid way to construct a picture of where products or brands are “located” in consumer’s minds. |
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| Developing a marketing strategy aimed at influencing how a particular market segment (persuading consumers) perceives a good or service in comparison to the competition. |
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| The use of psychology, sociological, and anthropological factors to construct market segments. Segments are formed based on attitudes, interests and opinions. |
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| Updating a product's promotional materials to respond to new marketplace changes. |
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| A description of the “typical” customer in a segment. |
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| The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics. |
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| Dimensions that divide the total market into fairly homogenous groups , each with different needs and preferences |
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| The percentage of an individual customer’s purchase of a product that is a single brand. |
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| The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
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| Dividing the total market into different segments on the basis of consumer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. |
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| A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers. |
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| Undifferentiated targeting strategy |
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| Appealing to a broad spectrum of people |
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| An indicator usesd in one type of market segmentation based on when consumers use a product most |
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| The physical good or the delivered service that supplies the desired benefit |
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| The acutal product plus other supported features such as warranty, credit, delivery, installation, bundled services, etc... |
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| The step in the product development process in which marketers assess a product’s commercial viability. |
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| The final step in the product development process in which a new product is launched into the market. |
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| The extent to which a new innovation is consistent with the target market’s existing cultural values, customs, and practices. |
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| The degree to which consumers find a new innovation or its use difficult to understand, learn and use. the opposite of ease of use. |
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| A change (an improvement) in an existing product that requires no consumer learning |
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| Dynamically continuous innovation |
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| A change in an existing product that requires a moderate amount of learning or behavior change |
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| A consumer good or service that is usually low-priced, widely available, or purchased frequently with a minimum of comparison or effort. |
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| The coming together of two or more technologies or industries to create a new system with greater benefits than its parts. (ex: iPhone) |
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| All the benefits the product will provide for consumers or business customers. |
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| The process by which the use of a product spreads throughout a population. |
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| Discontinuous (disruptive) innovation |
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| A totally new product that creates major changes in the way we live. |
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| Consumer products that provide benefits over a long period of time (usually many years) |
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| is a measurement tool that gauges the difference between a customer’s expectations of product or service quality and that level which actually occurred |
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| A tangible product that we can see, touch, smell, hear, or taste. |
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| The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission. |
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| A product that consumers perceive to be new and different from existing products. |
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| Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as yesterday's newspaper). |
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| Product concept development and screening |
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| The second step of product development in which marketers test product ideas for technical and commercial success. |
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| The process by which a consumer or business customer begins to buy and use a new good, service, or idea. |
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| Test versions of a proposed product. |
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| The degree to which a consumer perceives that a new product provides superior benefits than existing products. |
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| Basic or necessary items that are available almost everywhere. |
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| A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase. Consumers have enduring involvement. |
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| the fee that retail vendors charge to a manufacturer, or wholesaler to ensure a good product placement. |
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| A type of good or service that has unique characteristics which often makes the the consumer brand loyal. |
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| The step in the product development process in which a new product is refined and perfected by company engineers. |
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| Testing the complete marketing plan in a small geographic area that is similar to the large market the firm hopes to enter |
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| The ease of sampling a new product and its benefits. For example test driving a car. |
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| Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention. |
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| A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from the competition. |
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| Based on sales projections, brand equity is the financial value of a brand to an organization. The value of a product line is greatly increased when the product line is branded |
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| a new branded product or service sold under the same brand name. |
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| Organizational employee whom is responsible for developing, implementing and refining the marketing plan for a single brand. This person makes sure the marketing communications and 4p's are consistent across the product line, so that the product synergistically fit together. |
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| The loss of sales of an existing brand or product line when a new item in a product line or product family is introduced. |
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| An agreement between two brands to work together in marketing a new product |
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| The final stage in a product life cycle, during which sales decrease as customer needs change, and consumers lose interest. The product may be pulled or sold-off to a specialty vendor. |
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| A brand that a group of individual products or individual brands share |
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| No brand = product is a commodity (see large bins at Winco). A strategy in which products are not branded and are sold at the lowest possible price. |
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| The second stage in the product life cycle, during which the product is accepted and sales rapidly increase. |
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| One company buys a license to incorporate the other brand in its recipe or design. Branded materials are used as ingredients or component parts of other branded products (M&M's Blizzard's at Dairy Queen). |
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| The first stage in the product life cycle = the introduction of a new product in the market place. Equivalent to commercialization phase of the product innovation cycle. |
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| An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time. (Ex: licensed toys). There is approval of usage of brand name but there is no working together (co-design). |
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| Organizational employee who is responsible for developing and implementing the marketing plans for products sold to a particular customer group |
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| The third and longest stage in the product life cycle, during which sales peak and profit margins narrow as competition gets stiffer |
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| National or manufacturer brands |
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| Brands that are owned by the manufacturer of the product. This is the normal case |
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| The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication |
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| Brands that are owned and sold by a certain retailer of distributor (ex: costco's kirkland) |
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| Product category managers |
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| individuals who are responsible for developing and implementing the marketing plan for all the branded products within one product line |
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| A concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline. |
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| A firm’s total product offering designed to satisfy a single need or desire of target customers |
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| the total set of all product lines a firm offers for sale. |
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| This is a brand that has been on the market for a long time, such as Converse Chuck Taylor sneakers or SPAM. The marketing strategy is to rejuvinate (reposition) the brand to resonate with the current generation |
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| A management philosophy that incorporates the ideals of continuous improvement and a myriad of performance measures--indiacate whether in fact business performance is improving, stagnant, or declining |
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| The legal term for a brand name, brand mark, or trade character |
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| groups of people within an organization who work together focus exclusively on the development of a new product |
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| The initiator, the user, the gatekeeper, the influencer, the decider, the buyer |
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Definition
| problem recognition; information search, during which buyers, develop product specifications, identify potential suppliers, and obtain proposals from prospective sellers; evaluating the performance of the product and the supplier. |
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| Steps in Target Marketing process |
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Definition
| (1) select a target marketing strategy, in which they divide the total market into different segments based on customer characteristics; (2) select one or more segments; and (3) develop products to meet the needs of those specific segments. |
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| Steps in product adoption process |
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Definition
| awareness, interest, trial, adoption, and confirmation |
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